The French insurer Axa is to spend more on property in Britain. Isabelle Scemama, global head of Axa Investment Management’s real estate assets, said that its exposure to Britain was “underweight”, but she expected that to be rebalanced over the coming years. A third of Axa’s portfolio is given over to offices, but it is also looking to invest heavily in newer sectors, such as data centres, logistics and laboratories. Scemama added: “The UK will represent an important part of our capital deployment — but I don’t know if it will happen in 2022, 2023 or 2024. We want to wait for the best opportunities.”
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